Streamex Corp. (STEX) September 29, 2026 Conference Transcript

All right. Good afternoon, everyone. And thank you for continuing to join us throughout the day here at the Lithium Partners Fall 2026 Investor Conference. And my name is Robert Bloom, Managing Partner here at Lithium. And up next, Henry McPhee, co-founder and chief executive officer at StreamX, will be taking us through the company's slide presentation. Henry, thanks so much for your participation today. The floor is all yours.

Amazing, amazing. No, thanks a lot for having me, Robert. You know, super excited to be here and walk through the story. And so before I start, I'll give everyone a quick introduction on who I am and sort of how we got to this point with StreamX. And so, like Robert said, my name is Henrik Fee. I am the co-founder and CEO of StreamX. We founded the company, now my co-founder and I, just over four years ago and went public in May of last year. My background itself is very heavily focused in the digital asset space, been working in the industry for a number of years, and also have a degree in mining engineering. And so with that, it provides a very unique sort of standpoint to create StreamX and innovate within an industry that really does not see a lot of innovation, which is the commodities and mining space. And so with StreamX, what we have created, and we'll walk through it today, is what I believe the future of the commodity markets and using tokenization, this new financial technology to be able to really create value added and very powerful assets in and around the commodity space. And so, getting into the presentation here, and we'll walk through it all. So, the first, obviously, some disclaimers will give you a chance to look at those. But like I said, the real goal of StreamX and what we are as a company is, and our mission statement itself is to unlock the full potential of commodity assets using tokenization. And so tokenization being the digital representation of physical assets on chain. And so using those as the ability to make them tradable, to make them liquid and give the ability for much more efficient trading and ownership of these assets. And so when you think of StreamX and what we are and what we're not, I think there's a couple really important things to look at there. And so what StreamX is at its core is we are a financial technology company. We are building a tokenization platform and have built a tokenization platform for the commodity capital markets. And so what this means is that as an issuer of assets on the platform, meaning that we issue our own assets, GLDY is an example of that, and we'll get into it. We retain the economics from those assets that we create. Rather than simply operating as a white-labeled product where we will tokenize assets for other people or other funds or other firms themselves, we create the assets ourselves. What that means is that we get the economics both on the tokenization and on the platform usage, but also for the lifetime of the asset. That becomes very powerful. As we create these assets, we make sure that they are created within a regulatory structure that adheres with everything that is currently within the U.S. regulations. not relying on clarity, not relying on any of these acts to pass, we are able to operate right now. With that, these assets become recurring revenue for us. You know, as the asset grows in AUM, as the asset grows in size, we make money on, you know, the trading, on the issuance of the asset itself, and we'll get into the model and how it all works. Something that is very important to note and something that we're not is, one, we're not a cryptocurrency company. You know, we are in the tokenization space. We're not an ETF. We're not a mining or royalty company. We're also not a single product story. You'll hear me talk a lot about GLDY on this call, which is our flagship asset. That is our gold with yield product. But it is not the only thing that we are creating. And it's not the only thing that we're going to bring to market. We have already announced a permissionless version of GLDY called GLDC. We'll be launching silver, oil and gas, copper into the new year. And so it's a very big market to be a part of. And something that we are very excited to be able to show how we can use this platform to scale. When you think of investing in StreamX and how those points that I just mentioned make us valuable as a company, I think there's a couple important things to note. Like I said, we own the rails, we keep the economics. These assets that we create, whether that's gold, whether that's copper, whether that's silver, et cetera, we own those assets. And as we create them, we earn on them as they grow in size. And so both the platform itself creates value for us and the assets create value for us. We keep those economics the whole time. The market itself is enormous. When you look at commodities, it is one of the largest TAM markets in the world. It is something that, you know, I think overall, gold, for example, trades similar to the S&P 500 every single day. We have a massive market to be able to tackle and using tokenization to create more efficient assets and sort of create that better mousetrap for investors. The operating leverage itself is very strong. And so because we own the assets that we create and own the assets that are issued through the StreamX platform, we keep all the fees. And so there's three fee streams to the assets. One is a tokenization fee. So on the platform itself, we take a small fee when people purchase or sell. We also take a management fee. And so with YieldY, for example, the management fee is 1% of AUM, and that comes out of the lease yield. And then the third is the trading fees. And so as the assets trade, we take 10 basis points. That scales very quickly as we both grow in volume and in size of AUM. Distribution is our biggest focus right now. We continue to bring on additional distribution partners, everything from Siebert as the first regulated broker dealer to issue GLDY as an asset, to different custodians like Inspira, Coinbase, Anchorage, working with Equity Trust as well, which we've announced publicly. there's a lot of very interesting you know distribution channels that the company has has brought on and that we will continue to bring on as we as we continue to grow the next part is really adoption and so the infrastructure itself is built we have built the platform we have built the assets we are continuing to build additional assets and you know scale the platform itself but adoption really is our next process and i think it's something that you'll see will come very quickly as we sort of continue into the into the end of this year. Just a quick snapshot of sort of where we are right now. We recognized our first revenue in company history as of last quarter. We are in an extremely comfortable liquidity position with over $41 million of liquidity. Our operating expenses are going down as the platform has gone to a point where it's built out and scaled. And there's currently just over 3,100 ounces of gold on GLDY, and we expect that to scale, like I said, in the coming months pretty exceptionally. The next 90 days are going to be really important, and so this is timely right now. As we look into sort of the next couple months and into the end of the year, we anticipate some being able to convert some institutional allocations and really be able to open the floodgates there. We expect GLDC to be able to come out before the end of the year, which is our permissionless version, allowing anyone to be able to participate in the asset. Equity Trust is an announcement that we made a number of months ago, we expect that to go live and then continue to provide attestations and distributions of the yield. And so I'll skip over this side. The tokenization market is obviously very large. Something to look on the catalyst calendar, like we discussed, is one, an institutional order into the asset, GLDY. Second is expanding the distribution channels and into the next year, expanding to additional commodities and bringing those online. Touching on GLDY itself and what it is really quickly as we continue on here, I think something really important to note is this is the platform here. This is how you buy GLDY. This is one of the ways that investors can participate. And so with that, what GLDY allows us to do is turn gold from an asset that has traditionally been unproductive, an asset that just sits there is that quote unquote pet rock we have created the first version and the first asset that tracks gold price and so gives you direct spot exposure to gold the same way as when you buy an etf for buy physical while also paying out a three and a half percent yield and so for investors this is very powerful because gold for 6 000 years has either cost you money to hold whether that's through an etf or through owning the physical or has not paid you anything. And so when you sort of flip that on its head, and a good comparison is an ETF. So say you're buying a gold ETF, you're paying a 40 basis point management fee to be able to hold that ETF. That is something that sort of essentially erodes your ounces. When you compare that to an asset like GLDY, which pays you money to hold it, it turns into a very different category of asset. And so now all of a sudden, instead of paying to hold gold or paying the management fee, you are getting this three and a half percent yield and over time that compounds exponentially the yield itself is generated through gold leasing and so this is through our partner monetary metals where we are able to essentially take the physical gold and instead of it just sitting there in a vault it is active and it is earning you money and so monetary metals are by far the largest gold leasing provider in the world and they have been in this operation for a very long time gold leasing itself is an industry that has been around for also a very long time, but traditionally has not really been accessible to investors. It's primarily been controlled by large banks. And so by creating this asset and making it accessible for people, also making it liquid, it creates a very compelling story for investors to be able to participate in. And so the way it works, and at a high level, what it is, is we take the gold, we rent it out to qualified businesses and qualified counterparties that are using it in working capital a jeweler is a great example where they take gold they use it to create jewelry whether that is a chain or a ring etc they pay us to be able to use that gold they use it as a hedge and so instead of buying gold and you know hedging that out and paying money on the hedge cost they use leasing so they pay us you know six percent we're able to pass on three and a half to holders after fees and then essentially track the gold price because the gold is in our title throughout the whole time. I'm more than happy to get into more of the details with individuals as we go through our one-on-one talks, but at a high level, that's sort of how the leasing model works. And so with that, when you look at the market right now and you look at the real world asset market, especially yield bearing assets as well as tokenized gold assets, you can look at the two largest tokenized gold assets, which are PAX Gold and Tether Gold. They have over $2 billion in each of them. none of those pay a yield you know they have shown that the market really you know one is attracted to tokenized gold because it is by far the most attractive instrument for trading gold it has the lowest fees lowest spreads now when you bring on GLDY you add a three three and a half percent yield to that it gets very exciting and it gives us the ability to I think provide a very unique asset into the into the market and it's something that we're focused on focused on scaling quite exponentially here. When you look at the company, and you look at GLDY, how it matters for us, this is a example of a lifetime value of a token. And so when you take the NPV of a token based on all the fees that we get, a token to us is worth roughly $1,500. And so that is something it's a very simple explanation, but it shows that the tokens are both durable, they have durable fee streams, and allow us to calculate this NPV value. And so as we scale, we can have this sort of metric for us. And so when you look at that and you look at the trading model, so like I said, there's three main fee streams. There is a tokenization fee, which is a small 25 basis point fee. There is a management fee, which is 1%. Then there's the trading fees. Those trading fees scale quite quickly as tokens trade. And so when you look at the market right now, tokenized gold assets are trading at around 90 times to 100 times per year. When you multiply that by 10 basis points, you come up with these numbers that you can see on screen. And so into our roadmap, like I said, silver, you know, moving to oil, gas, copper, et cetera, into the next year. You look at what we have right now, GLDY, and then scaling. And then from there, our team is something that's very important. And this is sort of what I will end on. So myself as the co-founder and CEO, Morgan Lextrom, co-founder and executive chairman, someone who's been very experienced in the mining and commodity space. Mitch Williams, our chief investment officer, someone who has deep Wall Street experience across Oppenheimer running Wofra. Christine Plummer, our CFO, so previously global controller at Coinbase, 25 years at Morgan Stanley as a CFO and managing director there. And then Laura Kiernan, who is our new head of investor relations, who is also an award-winning individual and someone who has deep experience in the field. Our board is supported by Anthony Marciano, who's a director at the NYU Stern and one of the heads professors there. Kevin Gopal, who's the current CEO of VanEck Canada, previous CEO of BMO and BMO Asset Management. And then also, you know, Donald Brown and Mitch, myself and Morgan on the board. And so overall, as we sort of finish up here, I think there's one thing to note. Well, StreamX itself, we operate at one of the fastest growing financial technology industries in the world, which is tokenization. With that, we also are working within one of the largest markets of the world. And so our opportunity for growth is massive. GLDI really is just the first step and really excited to be able to speak with everyone over the next couple of days.

Thank you very much. Fantastic. Henry, thank you very much for your participation, for the presentation here. Thank you, of course, to everybody for watching. If you would like to schedule a meeting here with StreamX, send me an email. That's bloom at lithampartners.com. Further, to learn more about Litham, make sure you visit our website. And then make sure to follow us on LinkedIn and subscribe to us on YouTube to stay connected on future events, such as the presentation here from StreamX. So, again, Henry, thanks so much for the presentation here. Enjoy the conference and have a great day.